LAKE PLACID — The village of Lake Placid’s tax rate will be 34 cents lower than previously expected for the 2024-25 fiscal year, coming in 20 cents lower than the 2023-24 tax rate, because of a miscalculation of the village’s tax rolls.

The village’s $7,223,058 budget, which clocks in at $558,718, or 8.38%, higher than last year’s $6.6 million budget, remains unchanged. But, residents will see some tax relief.

“The final tax rolls that were sent when we approved the budget were incorrect,” village Treasurer Mindy Goddeau said. “The tax assessment was actually higher.”

Instead of the tax rate increasing by 14 cents to $4.74 per $1,000 in assessed value for 2024-25, the rate will decrease by 20 cents to $4.40 per $1,000 in assessed value. This means that a person with a $400,000 home in Lake Placid could expect to pay $1,760 in village property taxes in 2024-25, instead of the previously reported $1,896.

The majority of the budget is funded by taxes. The village will still levy — or collect — $4,281,655 in property taxes from village property owners, just under a 3% increase from last year’s $4,157,280 levy. However, since the village’s tax assessments are higher, tax rates will be lower.

The tax levy increase met the village’s state-imposed tax cap for 2024-25. The budget will also use $390,149 in reserves, $290 more than last year’s village budget.